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sasilia · 2020年05月03日

问一道题:NO.PZ2018091706000057

问题如下:

 If the emerging market country used capital controls instead, this approach would:

选项:

A.

lead to a less independent monetary policy 

B.

be more likely to succeed when capital flows are less persistent 

C.

require that the ratio of foreign exchange reserves to FX market turnover be high 

解释:

Although the empirical evidence is mixed, to a large extent the relativesuccess of capital controls depends on the magnitude and persistence of the capitalinflows that the policymakers are trying to resist (the less persistent, the higher theeffectiveness). A successful capital control policy tends to increase, not decrease,monetary policy independence. As a regulatory measure, capital controls do not dependdirectly on the level of foreign exchange reserves.

解析:尽管经验证据好坏参半,但在很大程度上,资本管控的有效力取决于政策制定者试图抵御的资本流入的规模和持续性(持续性越弱,有效性越高)。所以B选项正确。

一个成功的资本管控政策倾向于增加而不是减少货币政策的独立性。所以A选项错误。

作为一项监管措施,资本管制并不直接取决于外汇储备水平。所以C选项错误。


如何理解 解析中:“一个成功的资本管控政策倾向于增加货币政策的独立性”? 请指教,谢谢~

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已采纳答案

丹丹_品职答疑助手 · 2020年05月06日

嗨,爱思考的PZer你好:


同学你好,你的问题,其实原版书有比较明确的解释:

对于EM,他们的资本升值会带来巨大的压力,从而引起他们的经济衰竭,所以他们会愿意使用有效的货币政策维护自身市场的稳定性,但由于黑市交易会影响货币政策的有效性。因此成功的资本管控应当回保持其自身的独立,而不受其他因素影响其有效性。同学可以试试看从这个角度是否能理解。


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